Consider the facts. There are so many different aspects to estate planning. It’s difficult for a good estate lawyer to know all of the intricacies, let alone an average person! If one embarks on estate planning without the help of a good New York estate planning attorney, mistakes can and often do happen.
Listed are just a few of the more common mistakes that can be made when attempting to do estate planning, but it is by no means the end of it:
1. Assuming Your Family Won’t Fight Over Your Estate. You probably knew someone whose estate his children fought over bitterly after his passing. You look at your kids and grandchildren and assume they could never do that to each other. They’re not greedy, after all. While greed has always played a role in estate fights, the emotional attachment that people have to certain pieces of property will spark just as many battles. Things such as old toys, old dresses, and cookware will often have no significant monetary value. If the division of property is not clear, these kinds of emotions can lead to a long court battle. A Estate litigation lawyers can help you avoid this.
2. Never Updating Your Will. Many people believe that once a will has been drafted it’ll never have to be touched against until the estate is being divided. This is not true. Many different events and circumstances can make your will obsolete before the ink’s even dry on the paper. If you obtained new property it won’t be covered under your current will. Any new additions to the family won’t be covered under the will’s provisions if they came about after the fact. An expert New York probate lawyer can determine what changes in your life that could warrant a review of the will. We will also determine when it should be updated.
3. Assuming Estate Plans Are Just For The Wealthy. Many believe that estate planning just isn’t worth the effort, as their estates are so small. The true worth of an individual’s estate can be staggering, especially once the value of a home is factored in. Many family’s learn the hard way that their loved one’s estate was valued over the tax-free limit placed on estates. This will result in penalties for your family if careful estate planning is not conducted. To find out just how much your estate is worth, consult an attorney and your accountant.
4. Appointing Family Guardians And Executors Based On Family Position. When it comes time to determine who the executor of your will or who a guardian shall be for your offspring, often emotions come into play. Your oldest son is the new head of the household, so it only makes sense that he should take care of the estate. Feelings should be put aside for a decision as important as this. The abilities and availability of the individuals considered should be the most important factors. If the person you’re considering for a position in your estate plan doesn’t have the time or the knowledge to do it appropriately, he should not be selected even if it hurts his feelings.
5. Failing To Make An Estate Plan At All. This is the most common mistake that people are guilty of! You’re healthy now. Why think of uncomfortable things like death? You’ll get around to it. And then you never do. The resulting court battle could split your family apart. Get an attorney to help you with an estate plan. Get a guardianship attorney to help you prepare for the care of any minor children you have. An estate planning NY lawyer will help you if you’re concerned about what will happen should you ever become incapacitated.
